Strategic Fuel Fund offer to buy Chevron SA assets is illegal, says Minister

The whole offer is very strange.

Carol Paton, Business Day

The Strategic Fuel Fund (SFF) - Government’s keeper of strategic fuel stocks - on Wednesday announced that it has offered to buy Chevron South Africa’s assets.

These assets include 845 Caltex petrol stations, its refinery in Cape Town and its Durban lubricants factory.

On Thursday Energy Minister Tina Joemat-Pettersson said the SFF didn’t consult her regarding its resolution to bid for Chevron South Africa’s assets.

According to Joemat-Pettersson, this is a major governance breach and illegal.

The Money Show’s Bruce Whitfield interviewed famed Business Day journalist Carol Paten.

Scroll down for quotes from the audio below.

Perhaps they think that by being bold and audacious they’ll force the hand of the Minister.

Carol Paton, Business Day

In December they sold oil stocks without permission and nothing happened!

Carol Paton, Business Day

These are complex businesses. You need the discipline of shareholders and competition to keep on the straight and narrow.

Carol Paton, Business Day

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the seven most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Tax ombud to probe Sars – yet again - after taxpayers complain

Tax ombud to probe Sars – yet again - after taxpayers complain

The Money Show’s Bruce Whitfield interviews Adv. Eric Mkhawane, CEO at the Office of the Tax Ombud.

The businesses that boomed and went bust on Business Unusual

The businesses that boomed and went bust on Business Unusual

Predictions, products and personalities featured in "Business Unusual" in the last three years.

Got debt? Why the Sarb probably won't have a nasty surprise in store on Thursday

Got debt? Why the Sarb probably won't have a nasty surprise in store on Thursday

To hike interest rates, or not to hike interest rates? Bruce Whitfield interviews Standard Bank Chief Economist Kevin Lings.

Hits from the bong (it’s legal!)… then off to work I go?

Hits from the bong (it’s legal!)… then off to work I go?

The consequences of consuming dagga at home and showing up at the office high. Bruce Whitfield interviews a labour lawyer.

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The Money Show’s Bruce Whitfield interviews Mahlatsi Mahlase of the South African National Editors Forum (Sanef).

Comair reports record earnings, 72nd profitable year in a row – a world record!

Comair reports record earnings, 72nd profitable year in a row – a world record!

Recession, soaring fuel costs and surplus capacity - yet profits keep coming! Bruce Whitfield interviews Comair CEO Erik Venter.

Popular articles
Hits from the bong (it’s legal!)… then off to work I go?

Hits from the bong (it’s legal!)… then off to work I go?

The consequences of consuming dagga at home and showing up at the office high. Bruce Whitfield interviews a labour lawyer.

Tax ombud to probe Sars – yet again - after taxpayers complain

Tax ombud to probe Sars – yet again - after taxpayers complain

The Money Show’s Bruce Whitfield interviews Adv. Eric Mkhawane, CEO at the Office of the Tax Ombud.

[LISTEN] 'Lesufi has been attacking Afrikaans schools since 2014'

[LISTEN] 'Lesufi has been attacking Afrikaans schools since 2014'

The Freedom Front Plus says the Gauteng Education MEC has flouted school language policies and is destroying Afrikaans.

'We can barely enforce tobacco legislation, how will we to deal with dagga?'

'We can barely enforce tobacco legislation, how will we to deal with dagga?'

International law enforcement expert and former Drug Unit Commander Lobo das Neves says ruling opens a different can of worms.

Basic Education to introduce Kiswahili and coding to SA's curriculum

Basic Education to introduce Kiswahili and coding to SA's curriculum

Basic Education spokesperson Elijah Mhlanga spoke to Joanne Joseph on the Afternoon Drive to elaborate.

ConCourt rules dagga legal for private use, but what is private?

ConCourt rules dagga legal for private use, but what is private?

Associate Professor of Law at Wits University James Grant says the ConCourt did not define what private use was.